More Iraqi News Saturday PM 12-5-20
More Iraqi News Saturday PM 12-5-20
TLM724 Administrator BondLady’s Corner
Parliamentary Integrity: An Iraqi Figure Who Acquires 45% Of The Dollars Sold In The Currency Auction Through 3 Banks
17:52 - 12/05/2020 Information / Special ...The Parliamentary Council of Integrity revealed, on Saturday, that an Iraqi person controlled the sale of the dollar and its rise in the Iraqi markets, after its acquisition of 45% of the total amount sold of the dollar in the currency auction.
A member of the Parliamentary Integrity Committee, Khaled Al-Jushami, said to / the information / that approximately 78 Iraqi banks are entering the auction for the sale of work put forward by the Central Bank of Iraq.
He added that "45% of the total dollar sold in the auction goes to three banks owned by one person, and 55% goes to the rest of the banks," noting that "this character (which he refused to disclose) controls the exchange rates of the dollar in the Iraqi market." Suspect
"This character is behind the survival of the price of the dollar, which is sold in the Iraqi market at 125 thousand and 500 dinars for the paper, denominated in 100 dollars, although it was sold at a currency auction at 119 thousand dinars," Al-Jushami said.
Economists stressed the need to control the daily auction of currency sale in the Central Bank, whose sales amount to approximately $ 250 million per day. https://www.almaalomah.com/2020/12/05/508529/
Movement returns to the stock market in Mosul after the devastating war
December 5, 20204 Mosul (Iraq) - (AFP) - Life has returned to the wholesale stock market in the Iraqi city of Mosul, which used to be a major commercial terminal in the Middle East. Three years of ISIS’s control of the region have spent on it, but there is still a need for restoration. About two hundred localities bear the effects of the devastating battles with the jihadists.
The stock market is located in eastern Mosul, extends over an area of about two kilometers, and has nearly 500 shops. Its main street and secondary roads turned into a workshop that rehabilitates shops that were destroyed as a result of long months of battles between government forces and jihadists that ended with the elimination of the extremist organization in July 2017.
Today, about 300 businesses have resumed their activities. Every morning, the owners open their iron doors, traffic returns at peak times, and trucks can be seen unloading huge cardboard boxes of goods here and there.
The economic researcher at the University of Mosul, Dr. Muhammad Nayef, says that the value of exchanges on the stock market before the Islamic State's takeover of the city in 2014 "ranged between 12 and 13 million dollars a month."
However, this number has now decreased “to between 8 and 10 million dollars due to city conditions and the migration of merchants and displaced persons,” of whom a large part has not yet returned.
Many merchants and owners of large stores left the stock market after the military operations to find new places for their shops, whether in West Mosul or in other provinces and the Kurdistan region or even outside Iraq.
In the market that is returning to vibrant life, sales are increasing, and with it the number of new jobs is increasing in a country where there is an unemployed out of every five citizens, according to official figures.
Nayef expects "the market will develop further and wider if the government compensates the owners of the damaged shops and homes."
A role in restoring stability
Abdullah Ahmed Mahmoud, 27, was among the first to return to the market. The owner of the shop that sells cleaning materials says, "The market is currently well received, and this is encouraged by the stability of the security situation in Mosul."
"The return of life to the market greatly contributed to the revival and reconstruction of the devastated areas surrounding it," said food merchant Obaida Ahmed, 26, especially as he "provided many job opportunities ... from workers, porters, owners of restaurants and cafes, and others."
The market is surrounded by popular residential areas in eastern Mosul, which are Al-Zanjili, Sheikh Fathi, Pepsi Street, Al-Mashahada, Bab Sinjar and Al-Shifa. Life has begun to return to those neighborhoods.
The stock market was established in the early nineties, and at that time it consisted of small shops and stalls, but later it expanded to become the largest wholesale market that feeds the small and branch markets in Nineveh Governorate, the third largest province in Iraq, and Mosul is its center.
The goods reach consumers through small shop owners who buy their needs from this main market.
And the market was rebuilt with the potential of the shop owners
The merchant Yunus Abd Ali (50 years), who owns a food store who came to supply the goods, considers that the market "has almost recovered."
But he believes that overcoming the effects of the war requires that "government agencies accelerate compensation for those affected in the region so that they can return to it again."
Many residents of Mosul submitted demands to the government to compensate for the damage to their homes, cars and shops, but few of them met a response within three years.
- Opportunities despite the crisis -
Industry in Iraq was almost completely destroyed after the US invasion and overthrow of President Saddam Hussein's regime in 2003. Agriculture accounts for only five percent of GDP, but it employs twenty percent of the labor force, and farmers face difficulties in promoting their goods.
The stock market gave way to farmers and industrialists to display and sell their products, after they had been struggling to transport and sell them in remote outlets.
Falah Khalaf Awaid, 35, says, "Opening the stock exchange stores reduced a lot of time and effort in displaying and selling our goods after we had been selling them on the outskirts of Mosul."
As for the owner of the butchery, Walid Ghanem (32 years), he explains that "the opening of the market and the return of life to it solved our problems and made us profit."
However, Ahmed Al-Shammari, a 42-year-old merchant, points to the weakness of local production, which represents "only ten percent" of the supply. The latter is limited to "simple and handmade items made locally, such as sponges, washing materials and brooms."
In addition to the economic crisis, Iraq suffers from the repercussions of the Covid-19 epidemic and the collapse of oil prices, which is almost its only resource.
Um Saad, 35, who supplies goods from the stock market to her food store in Ras Aljada, says that the stock market is very popular, but "the purchasing power is weak, and the salaries are delayed, which prevents people from buying." LINK
Parliament Ends Discussion And Reading Of 3 New Legislations
Saturday 05, December 2020 16:57 | Political Views: 96 Baghdad / NINA / The House of Representatives has completed the report and discussion of the third amendment bill to the Law of Implementation of Irrigation Projects No. 138 of 1971, and the first reading of the draft law on the accession of the Republic of Iraq to the international agreement related to intervention on the high seas in the event of accidents causing oil pollution of 1969 and the protocol related to intervention in High seas in cases of pollution by substances other than oil for the year 1973.
The House of Representatives, in its session which is currently presided over by First Representative Hassan Al-Kaabi, ended the first reading of the draft law ratifying the air transport services agreement between the government of the Republic of Iraq and the government of the United Arab Emirates. / End 5
https://ninanews.com/Website/News/Details?key=874444
Parliament Hinted That The Government Would Cut Employees' Allowances
Money and business Economy News _ Baghdad The Parliamentary Finance Committee confirmed, on Saturday, that it is working hard to secure salaries so that the employee is safe for a full year, and also called on the government to send the draft budget for 2021 as soon as possible to avoid many problems.
A member of the Finance Committee, Jamal Cougar, said in a statement reported by the official Al-Sabah newspaper and seen by Al-Iktissad News, that "Parliament will not delay in approving the draft budget next year if it is sent by the government."
Cougar added, "It will work hard to secure employee salaries," noting "the possibility that the government will resort to deductions from allocations to certain segments of employees, not everyone, but this is not yet certain."
He added, "The Finance Committee has refused to legislate any other borrowing law, but there will be borrowing in the 2021 budget, which is normal, as every budget contains planned or actual borrowing."
Cougar called on the government to "include all the sums it needs in the budget law, and expedite sending it", indicating that "the reform paper that the committee sent to the government will be included in the budget," noting that "what the committee added in the reform paper is easy paragraphs, and it can be" The government implement it ». Number of observations: 54, date of addendum 12/05/2020 https://economy-news.net/content.php?id=23004
Minister of Transport: Iraqi Airways has turned into a losing company Rolling Eyes
Money and business Economy News _ Baghdad Transportation Minister Nasser Hussein Al-Shibli revealed, on Saturday, that Iraqi Airways has turned into a losing company during the past four months.
Al-Shibli said in a statement reported by Al-Sabah newspaper and seen by Al-Iqtisad News, that “Iraqi Airways started four months ago (due to the conditions that accompanied the Corona pandemic) turning into a losing company.
He added that "the government is currently supporting the Iraqi Airways company to cross this stage," indicating that "the ministry has not registered a case (declaration of bankruptcy) for any of the Iraqi private airlines."
The Minister of Transport stated that “a number of international airlines have resorted to laying off a large number of their employees due to the Corona pandemic and the closure reached about 50 percent.”
Number of observations 106 Date of addendum 12/05/2020 https://economy-news.net/content.php?id=23005
Ministry Of Industry: Our Factories Met The Country's Need During The Corona Pandemic
Money and business Economy News _ Baghdad Today, Saturday, the Ministry of Industry and Minerals confirmed granting loans as part of the Central Bank's initiative, at a rate of 2%, while noting that the Iraqi industry has proven its ability during the Corona pandemic and has met the country's need.
The official news agency quoted the Director General of Industrial Development Raed Abdul Ilah Al-Jubouri, "The granting of loans will be within the initiative of the Central Bank at an interest rate of 2%, provided through the industrial and Rafidian banks."
He added that "the exemptions are within Law 20 of 1998 issued by the Minister of Finance in accordance with Article 10 of the Fiscal Deficit Law," noting that "a misunderstanding of the decision led to the suspension of all exemptions, including all industrialists covered by Industrial Development Law No. 20".
He explained that "Industrial Development is undertaking the process of facilitating procedures for granting licenses to owners of small and medium factories."
He pointed out that "the Iraqi industry has proven its ability and worked to fill the country's need during the Corona pandemic," stressing that "the Iraqi industry is able to meet the need, in the event of support for the private sector." Number of observations: 114, date of addendum 12/05/2020 https://economy-news.net/content.php?id=23006
Basra Crude Rose To The Highest Price In 9 Months, And Brent Is At $ 50
Time: 12/04/2020 10:26:12 Read: 4,927 times {International: Al Furat News} Oil prices jumped today, Friday, about two percent, and is heading towards achieving gains for the fifth week, as major producers agreed to settle for continuing some production cuts to meet the demand affected by the Coronavirus pandemic, although the decision came below expectations.
Brent crude was up $ 1.04, or 2.1 percent, to $ 49.75 a barrel by 0555 GMT, after gaining nearly 1 percent on Thursday.
The price of a barrel of oil from Basra Light crude exceeded 50 dollars for the first time in more than 9 months. West Texas Intermediate crude rose 84 cents, or 1.8 percent, to $ 46.48 a barrel.
On Thursday, OPEC and Russia agreed to reduce big oil production cuts from January by 500,000 bpd, but they failed to reach a broader policy settlement for the remainder of the year.
Goldman Sachs (NYSE: GS) said in a report after the decision, "OPEC + removes the obstacle to exit from its current cuts in a coordinated manner ... which reinforces our conviction of a steady and sustainable rise in oil prices through 2021."
The increase means that the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a group known as OPEC +, are aiming to reduce production by 7.2 million barrels per day, or the equivalent of seven percent of global demand, as of January, compared with the current cuts of 7.7 million barrels per day.
OPEC + is expected to continue the current cuts until at least March, after it abandoned plans to increase production by 2 million barrels per day.
The cuts aim to address weak oil demand in the midst of a second wave of the Corona virus. LINK
Salaries And Supervision Are The Main Reasons For The Increase In The Dollar Exchange Rate
Saturday 05 December 2020 39 Baghdad: Mustafa Al-Hashemi The exchange rates of the dollar throughout the governorates have risen again due to a set of reasons - according to specialists in economic affairs - perhaps the most prominent of which is the delay in paying employees' salaries, and the central bank tightening control over the documents of the banks participating in the window of currency sale, in addition to the reasons for supply and demand in the markets for foreign currency.
The specialist in economic affairs, Adel Al-Fattal, believes that "the rise in the exchange rate of the dollar to 125 thousand dinars per hundred dollars, comes as a result of the influence of the street by circumstances, news and general conditions," describing this rise as "temporary and will return to its normal rates, as proven by previous experiences that Iraq went through."
Daily transactions in dinars
During his speech to Al-Sabah, Al-Fattal called on the public to “not acquire the dollar and deal with it in buying and selling, preferring to rely in daily commercial dealings on the dinar, because this will reduce the demand for it, which increases the supply, and thus the abundance will contribute greatly to lowering its exchange rate and returning it to its normal rates. ».
And «the necessity for the public to possess economic awareness and culture that precedes the interest of the country over the personal interest, because immediate circumstances govern that», urging those in charge of the country's economic file to «support the dinar in this economic phase, which Iraq is going through, to relieve the shoulders of those with limited income And the poor segments of society ».
The investigation court, which is specialized in combating money laundering and economic crime, had recently begun to investigate the documents of the banks participating in the window for selling foreign currency, and to ensure their validity and compliance with the law, at the request of the Central Bank.
Delayed payroll
Al-Fattal added that “the government's delay in paying employees’ salaries during the past weeks has contributed greatly to the increase in the dollar’s exchange rate, in addition to the new measures adopted by the Central Bank to tighten control over the documents of the banks participating in the window of currency sale, making the markets unstable and witnessing a state of instability. ».
He believed that «the Central Bank is one of the sober Iraqi institutions, which have the ability to restore balance to the market, in addition to that Iraq is a country rich in oil resources that have not been interrupted, despite the fluctuation of the price of a barrel of oil globally», stressing that prices will return to their normal rates after the passage of Duration of Time ».
Dollar misalignment
Economic researcher Firas Amer said that "such an imbalance in the exchange rate is possible as a result of the conditions the country is going through," adding that "this reality had previously been experienced by Iraq after stabilizing the dollar exchange rate during the two years 2012. And 2013. »
He pointed out that "the high price of the dollar in Iraq is related to the economic threats and concerns that the country may be exposed to due to regional conditions, and fears of the outbreak of conflicts in the region that may have repercussions on the country's economy." LINK
Dollar Exchange Rates In Iraq
Pratha News Agency131 2020-12-05 The exchange rates of the dollar rose in the main stock markets and local markets, today, Saturday (December 5, 2020).
The Kifah Stock Exchange recorded 125,400 dinars against 100 US dollars, while last Thursday's exchange rates on the Kifah Stock Exchange recorded 125,300 dinars per 100 dollars.
As for the exchange rate in the local market, it also rose, as it was:
Sale price: 126,000 dinars per $ 100. Purchase price: 125,000 dinars per $ 100.
http://burathanews.com/arabic/economic/381821
To read more current and reliable Iraqi news please visit BondLady’s Corner: